The first impression is the best impression. This paper being the first paper at the CA Final level, the confidence you gain here will be carried over for other subjects as well. It is important you score high (50-70) in this subject to manage the aggregate at group level as well as at exam level.
Here are a few last moment tips that will help you score well in the Financial Reporting paper applicable for both old and new syllabus. We will discuss these points in a Q&A format which makes it easier to read.
Question: Can I skip consolidated financial statements?
Even the knowledge to skip this question would mean that you already know that it is from the consolidation chapter. As such, you can only identify this if you have prepared well. Why skip a relatively easy question then? You don’t regret skipping difficult questions but you do if you skip relatively easy ones!
Question: How do I approach accounting standards?
Answer: At the CA Final level almost 60 to 70 marks (out of 120) comes from accounting standards including amalgamation and consolidation (AS for old syllabus and Ind AS for new syllabus). The best way to remember is to prepare summary charts for standard and identify key words like recoverable amount in AS 28, conditions existed on balance sheet date as per AS 4(Ind AS 10) etc. Read these key words one day before the exam. You won’t have any difficulty on accounting standards if you have prepared these summary charts and identified key words.
Question: Should I take up mock exams?
If you don’t practice enough before exams, exams become your practice!
Writing practice for 3 hours is very essential. Hence, at least write 2 exams and compare your answer with the right answer. Writing practice is the key to gain confidence in FR paper
Question: How important is RTP and MTP?
Answer: Solving questions from Revision test papers and mock test papers (of 2-3 attempts) will help you identify unique problems which have higher chances of being tested in the examination. (You judge a problem is unique only if have knowledge of regular problems. Otherwise, every problem looks a special one!). Using these unique problems and exam patterns, you can fairly guess their chances of appearing in exam. Though we fully understand Question papers of ICAI can’t be predicted, still making an estimate will provide you an edge over others. Please don’t prepare only for these estimated questions but pay special attention to these questions which in our opinion is important for your attempts. Make a list of 2-3 probable from each chapter totaling about 15-20 questions. Even if one or two questions appear in exam, it can be of great advantage to you in your aggregates.
Question: How do I revise the day before exams?
Answer: Two simple techniques. Create summary charts for theory topics and accounting standards. Create a standardised template for practical papers and list all adjustments in one place. All chapters i.e. consolidation, amalgamation, share-based payments, Valuation, Value added statement etc. will have standardized formats/steps. Writing in one place with note on all adjustments make it convenient to revise a day before exams. Also, if you identify one or two problems in each chapter that covers many adjustments, it will be of great help to you because you can practice these a day before the exam.
So that’s it. The difference between ordinary and extraordinary is that little extra. Move from ordinary to extraordinary with the above tips and suggestions.
All the best.
I Have scored 87 in CA Final Financial Reporting which helped me to score a rank as well. So Make use of the above tips and suggestions.